To not get loan for share of property that I do t want

[emotionalmess2019]

I'll keep it brief but essentially i own a sharedproperty with my siblings. Summer home in the south. We share equally, contribute equally etc . My parents are deceased and left this house and land to us in their will. It is in an expensive and much sought after location so property prices are inflated . One of my siblings wants out so besides the option of selling the whole property which sibling can force if it comes down to it, the other siblings would have to buy her out. This would cost me e40k which I do not have in cash . I would have to get a loan and pay hefty interest as you can imagine. I don't want any of this , neither do my other siblings. Our parents understood that the law is the law but wanted the house and land kept in our names and for their grandchildren in the future. They said this over and over throughout their lives . The land has been in the family for generations . I am
Gutted but trying to keep emotion away from it. Any advice or thoughts welcome .

The sibling who wants out - are they strapped for cash or is it for some other reason? Whatever the reason although it was good of your parents to leave you all the property, it's not fair for the wishes of the now dead to overrule those of the living. You have to accept the wishes of the sibling who wants out or have a huge falling out. If you cannot afford the financial burden of a significant loan then put the place up for sale and each take your share. You can use the proceeds for future holidays in the same place although not the same house.

How many people are in this shared ownership? Can one person really force the sale if none of the others want to? Can she also sell to a non family member? Would she accept a payment over time? Is she desperate for the money or just doesn’t want the hassle of owning it?

Btw, automatic inheritance by children is one of the reasons France's property market is so slow moving and many places not lived but not sold either as the owners via inheritance can't agree what to do. Mind you property values are lower there generally so there isn't the financial impetus to liquidate the asset.

Can you all afford the upkeep of the house?

Is the house left in trust for grandchildren?

Not desperate for money. In fact quite the opposite . Lots of excuses and reasons none of which add up . There is no mortgage or financial burden on us. Four more of us . My sibling is notoriously tight with money and can be quite greedy when I comes to money in general . She also doesn't place value on family assets in a familial sense , just financial. Many back throws to explain this .

By law, each person in shared ownership has the right to sell their share and if it cannot be agreed upon, then the sibling can force the sale through court

Would she expect to be able to stay in the house whenever she wanted?

What a difficult situation.

I do agree - a gift of a house can be as much of a burden as a boon, and I think it understandable but also somewhat unreasonable for people to control what others do after their deaths. They are not here now to preside over what happens to the house.

The truth is that if you felt 100%strongly about keeping the house you and your siblings would move heaven and earth to somehow keep it, renting it out to service the mortgage or loan or whatever.

Is there another relative who would like to 'buy in' to the deal?

How often do you use the house? The upkeep must be considerable.

Is there any way that you and the other siblings who own it could carve up the land and build something smaller on part of it with the proceeds of the sale?

House not left in trust to grandchildren , no

We are fortunate that the upkeep is minimal. We each pay a certain amount , small, per month for utilities . That's it. It's unoccupied for 8 months of the year

To keep the house , I will have to take out a considerable
Loan and pay a lot of interest on it. I am
Really sad about it all but in many ways not surprised. When it comes to money, my sister is ruthless

Any suggestions ??

What do your other siblings think? Can they take on your share of the buy out and ned up owning a larger share than you do?

She would
Like the option of staying whenever she wanted but in truth, she has not had much interest I. House up until the last few years. This is solely about money despite saying she wants to holiday more there . As it stands, she spends two weeks in The summer there

If not struggling for money and the upkeep in minimal Im really struggling to understand your sister's reasoning.
I'd almost be inclined to do nothing and say you cant afford it- see if she is prepared to push her siblings to court- (if she did I would likely cut her out of my life)

Is there any way of you all taking equity release from the house to pay your sister?
Not quite sure how that would work financially - probably not good, and it just leaves your own children with an issue.

None of your siblings able to buy her share?

Could you really out rent it out for money? For some of the 8 months a year, Which might persuade your sister that it is worth keeping?

One of
My siblings can not afford to buy her out. Full stop and never will. The other two are seething but can get loans to buy her out.

You are all so kind helping me
Out here . If we three out of four but her out, we will have to rent for a large amount of the year to cover repayments etc. Where does that leave the sibling who absolutely cannot afford to buy her out???

She will bring us to court. No doubt about that

Could you not lion at a joint mortgage between the remaining siblings.

This would likely be lower priced than separate loans.

We each pay a certain amount , small, per month for utilities . That's it.

No insurance, community charge at all?

Maybe if we offer much lower than value of house, she would be inclined to accept as she would be rid of the house not would get her money?

If for the 8 months of the year you could rent it out, would that cover the cost of any mortgage

If sibling who cannot afford (depending on your circs) could the rest of you step in until their situation improves.

Are you talking about getting an unsecured personal loan? Over how many years? Do you currently have a mortgage on your own property you could extend, assuming you own one?

We had to sell our family home when my my died for similar reasons and it has broken my heart - I’m the only one who lives nearby and every time I pass it, it still hurts.

YABU. The property is unoccupied 8 months a year! I hope you sell it as there's a housing crisis. What is the point of hoarding property?